Is Gaithersburg, MD a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
At the same time last year, Gaithersburg was a Seller's Market.
Key Takeaway
Gaithersburg is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in Gaithersburg, MD
How much do homes in Gaithersburg, MD cost?
Median Sold Price
$525,000
$259/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Gaithersburg have sold for 14.1% more than they did a year ago.
Summary: The median home sold price in Gaithersburg was $525,000 in March 2024, up 14.1% from last year, and the median price per square foot was $259.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $170K | $182K | +7.1% |
| 2 Bedrooms | $232K | $325K | +40.1% |
| 3 Bedrooms | $450K | $465K | +3.3% |
| 4 Bedrooms | $626K | $667.5K | +6.6% |
| 5+ Bedrooms | $850K | $877.5K | +3.2% |
Summary: Gaithersburg housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 7.1%, 2 bedroom homes increased by 40.1%, 3 bedroom homes increased by 3.3%, 4 bedroom homes increased by 6.6%, and 5+ bedroom homes increased by 3.2%.
Median Sold Price Compared To Nearby Cities
| Gaithersburg | $460K | $525K | +14.1% |
| Rockville | $624K | $598.7K | -4.1% |
Housing Supply in Gaithersburg, MD
How many homes are available in Gaithersburg, MD?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 305 | 335 | +9.8% |
Summary: The Gaithersburg real estate market had 335 homes for sale in March 2024, a 9.8% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 17 | 18 | +5.9% |
| 2 Bedrooms | 36 | 41 | +13.9% |
| 3 Bedrooms | 116 | 119 | +2.6% |
| 4 Bedrooms | 83 | 101 | +21.7% |
| 5+ Bedrooms | 53 | 56 | +5.7% |
Summary: The Gaithersburg housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 5.9%, 2 bedroom homes increased by 13.9%, 3 bedroom homes increased by 2.6%, 4 bedroom homes increased by 21.7%, and 5+ bedroom homes increased by 5.7%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 61 | 51 | -16.4% |
Asking Price vs. Sold Price
12 Homes Were Sold
Under Asking
9 Homes Were Sold
At Asking
30 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Gaithersburg, you could pay more than the asking price. 58.8% of homes here sold above asking price last month.
Summary: A total of 51 homes were sold or pending in Gaithersburg in March 2024, down by 16.4% month-over-month. Of the 51 sold homes, 24% were sold under asking, 18% were sold at asking, and 59% were sold over asking.
Days on Market for Gaithersburg, MD
How long does it take to sell a home in Gaithersburg, MD?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 9 Days | 14 Days | +44.3% |
Summary: Homes in Gaithersburg had an average of 14 days on market in Mar 2024, up by 44.3% compared to last year.
Breakdown of Home Sale Times
44 Homes Were Sold
Under 30 Days
6 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Gaithersburg are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 51 homes were sold in Gaithersburg; 86% of homes were sold within 30 days, 12% of homes were sold within 30 to 90 days, and 2% of homes were sold over 90 days.
